#GBPUSD @ 1.20521 to break past the 1.2450 area post rangebound phase – Credit Suisse
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GBP/USD continues to hold support from its 200-Day Moving Average, never mind its key 1.1841 January low. Analysts at Credit Suisse look for the broader risk to eventually turn higher again from here.
“Cable continues to hold support from the 200-DMA at 1.1927 as looked for, never mind the key 1.1841 January low, and we continue to look for this to hold to keep the market trapped in a range of ~1.1850-1.2450.”
“Post this rangebound phase, we are still biased towards an eventual break above 1.2447/49 to target the May high and 61.8% retracement of the 2021/2022 fall at 1.2668/1.2758.”
“A break below 1.1841 at any stage would complete a bearish ‘double top’ to signal a much deeper sell-off, and likely a stronger USD rally more broadly, with support seen next at 1.1646.”
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